19/10/2017 10:22 AST

The world’s biggest sovereign wealth fund has warned Britain against watering down its listing rules to accommodate Saudi Aramco, describing such proposals as “a step back in terms of investor protection”.

In a letter to the Financial Conduct Authority, Norges Bank Investment Management, of Norway, threw its weight behind the growing investor revolt against proposals to create a new category of premium listing.

The category would be designed for companies controlled by sovereign nations and would dilute rules to protect minority shareholders. It is widely seen as a measure to enable the initial public offering of Saudi Aramco, the state-owned oil giant, which is seeking to list 5 per cent of its shares in an attempt to raise $100 billion.

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